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The COVID-19 pandemic triggered a global economic crisis that significantly impacted the South African banking sector, already weakened by a pre-existing recession. While bank profitability and credit quality declined, stock market reactions appeared less severe, indicating a potential disconnect between fundamentals and investor behaviour. This study explores the influence of investor sentiment on credit risk, lending, and performance (ROA) of selected JSE-listed banks during the pandemic, incorporating behavioural finance perspectives. Panel regression analysis reveals that COVID-19 had a significant negative effect on stock, ROA and ROE, driven by heightened uncertainty and rising non-performing loans. Liquidity and capital positively influenced returns and ROE, reflecting investor confidence in resilient banks. Investor sentiment had a weakly positive impact on returns, but a significant negative effect on both ROA and ROE, suggesting that excessive optimism may have led to riskier lending practices and reduced profitability. Larger banks underperformed in terms of returns, likely due to operational complexity during the crisis. These findings highlight the critical role of behavioural factors in shaping financial outcomes during systemic shocks and provide new insights into emerging market banking dynamics under crisis conditions.

The study examines how environmental sustainability reporting influences the performance of listed construction firms in Zimbabwe. The study responds to a notable research gap in developing economies, particularly within the construction sector, where limited qualitative evidence exists on how managers perceive the relationship between environmental corporate sustainability practices and organisational performance. While prior studies have largely focused on quantitative approaches in developed contexts, this paper adopts a qualitative perspective to generate context-specific insights. Guided by the interpretivist philosophy and informed by Signalling Theory and Legitimacy Theory, the study employed a qualitative research design using purposive sampling. Data were gathered through semi-structured interviews, and document analysis of sustainability reports from selected firms listed on the Zimbabwe Stock Exchange. The data were analysed through thematic and content analysis to identify recurring patterns and perceptions. The findings indicate that environmental sustainability reporting is generally perceived to enhance firm performance through improved corporate reputation, stronger stakeholder confidence, regulatory compliance, operational efficiency, waste reduction, and better resource management. Key environmental practices identified include environmental management systems, recycling and reuse initiatives, pollution control measures, land rehabilitation, and water conservation strategies. However, the study also found that firms face constraints such as resource limitations, economic instability, and uneven regulatory enforcement, which may hinder the full benefits of environmental sustainability initiatives. The paper concludes that the environmental dimension of corporate sustainability reporting can contribute positively to organisational performance when supported by effective implementation and strategic commitment. It recommends that listed firms strengthen environmental governance systems, integrate sustainability into core business strategy, invest in cleaner technologies, and improve disclosure quality. Policymakers are encouraged to enhance regulatory support and industry guidance for sustainability reporting. Future research may extend this inquiry to other sectors, compare listed and non-listed firms, and explore longitudinal changes in sustainability reporting practices across emerging markets.

This paper examines how a purpose-driven organisation emerging from a highly volatile developing economy can build a globally competitive business process outsourcing (BPO) platform while contributing to brain-drain reversal. Using ZimWorX, a Zimbabwean-headquartered BPO enterprise, as a longitudinal case study, the study aims to develop a theoretically grounded framework explaining strategic emergence under conditions of volatility, uncertainty, complexity, and ambiguity (VUCA) for an emerging organisation. Situated within the broader transformation of global outsourcing markets and the democratisation of digital talent, the paper positions Zimbabwe not as a peripheral participant but as a credible contender in high-value global services delivery. The research adopts a qualitative single-case study design grounded in conceptual theory-building. Drawing on secondary data, organisational records, industry reports, and contextual economic analysis, the study employs abductive reasoning to synthesise four theoretical lenses: Entrepreneurial Orientation Theory, Market Entry Strategy frameworks, Chaos Theory, and Strategic Decision-Making Theory. Through cross-theoretical integration, the analysis traces how ZimWorX navigated Zimbabwe’s macroeconomic instability, currency volatility, high unemployment, and institutional constraints to construct a resilient and differentiated service platform serving clients primarily in the United States and the United Kingdom. The findings reveal that ZimWorX’s success is not attributable to cost arbitrage alone, but to a distinctive combination of entrepreneurial vision, purpose-driven culture, agile niche-focused market entry, and a disruptive “insourcing” philosophy that reframes outsourcing as premium human capital partnership. The firm’s strategic posture reflects adaptive decision-making under disequilibrium conditions, where uncertainty becomes a catalyst for innovation rather than paralysis. Importantly, the organisation embeds social purpose, specifically the reversal of skilled migration and the creation of dignified employment, into its competitive strategy, thereby aligning commercial performance with developmental impact. The study culminates in the development of the ZimWorX Strategic Emergence Framework (ZSEF), a conceptual model that illustrates how emerging-economy firms can integrate entrepreneurial orientation, strategic agility, purposeful positioning, and adaptive market entry to achieve sustained global competitiveness in VUCA environments. The framework advances emerging organisation theory by demonstrating how firms operating in structurally disadvantaged contexts can convert institutional adversity into strategic differentiation. The paper concludes that purposeful strategic emergence offers a viable pathway for developing economies seeking participation in knowledge-intensive global value chains. Rather than replicating traditional offshore outsourcing models, African BPO platforms can leverage mission-driven identity, digital infrastructure, and agile governance structures to compete on quality and relational capital. The study recommends that policymakers support digital talent ecosystems, regulatory clarity, and export-oriented service platforms, while organisational leaders institutionalise adaptive strategic processes and purpose-centred cultures. Future research may test the ZSEF across multiple African BPO firms, examine performance implications quantitatively, or explore comparative applications in other emerging-market knowledge industries.

This paper examines the emergence and strategic evolution of InnBucks MicroBank Limited, a Zimbabwean Microfinance organisation that evolved from a restaurant-change management digital wallet into a licensed deposit-taking microfinance bank serving around 3 million users within 4 years. Operating in what is arguably one of the most extreme VUCA (volatile, uncertain, complex, ambiguous) environments globally, characterised by currency failures, chronic hyperinflation, regulatory unpredictability, and severe infrastructure deficits, InnBucks offers a compelling case for exploring how organisations emerge, adapt, and scale amid genuine chaos.  The analysis incorporates five theoretical frameworks: Chaos Theory, Entrepreneurial Orientation Theory, Disruptive Innovation and Frugal Innovation, the Viable System Model, and Strategic Decision-Making Theory. These are utilised to explain InnBucks' institutional pivots, its evolution to a registered deposit taking microfinance, its utilisation of Simbisa Brands' restaurant network as financial infrastructure, and its recent shift to cloud-native banking through the Mambu/AWS partnership. The paper proposes the ARISE (Agility, Resilience, Innovation, Systemic, Entrepreneurial) conceptual framework, which combines five theoretical perspectives into a practical model to steer strategic emergence in resource-limited, institutionally fragile environments. It concludes that InnBucks' trajectory challenges traditional assumptions about the prerequisites for financial innovation and provides transferable insights for emerging organisations operating within Sub-Saharan Africa's growing fintech ecosystem.

This conceptual theory-building study examines how African FinTech organisations navigate volatility, uncertainty, complexity and ambiguity (VUCA), using Mukuru as a paradigmatic single case. It develops the Mukuru Ambidextrous Strategic Emergence Model (MASEM) by integrating Entrepreneurial Orientation, Strategic Agility, Organisational Ambidexterity, Chaos Theory and Strategic Decision-Making Theory. Using secondary evidence, longitudinal organisational analysis and abductive cross-theoretical synthesis, the study explains how Mukuru combines exploitation of established remittance and agent-network capabilities with exploration of digital innovation. The analysis identifies multidexterity, the orchestration of multiple, potentially contradictory business models across heterogeneous regulatory settings, as a key capability linking strategic agility to sustained emergence. MASEM conceptualises VUCA pressures as external conditions, entrepreneurial and adaptive capabilities as the strategic core, responsible AI and green digital finance as enabling capabilities, and resilience, inclusion and antifragility as intended organisational outcomes. The model is conceptual rather than empirically validated; accordingly, future research should test its constructs and causal relationships across multiple African FinTech organisations. The study contributes an Africa-centred framework and practical guidance for managers seeking to align innovation, governance, sustainability and regulatory adaptability under persistent environmental turbulence.

The study examines how environmental sustainability reporting influences the performance of listed construction firms in Zimbabwe. The study responds to a notable research gap in developing economies, particularly within the construction sector, where limited qualitative evidence exists on how managers perceive the relationship between environmental corporate sustainability practices and organisational performance. While prior studies have largely focused on quantitative approaches in developed contexts, this paper adopts a qualitative perspective to generate context-specific insights. Guided by the interpretivist philosophy and informed by Signalling Theory and Legitimacy Theory, the study employed a qualitative research design using purposive sampling. Data were gathered through semi-structured interviews, and document analysis of sustainability reports from selected firms listed on the Zimbabwe Stock Exchange. The data were analysed through thematic and content analysis to identify recurring patterns and perceptions. The findings indicate that environmental sustainability reporting is generally perceived to enhance firm performance through improved corporate reputation, stronger stakeholder confidence, regulatory compliance, operational efficiency, waste reduction, and better resource management. Key environmental practices identified include environmental management systems, recycling and reuse initiatives, pollution control measures, land rehabilitation, and water conservation strategies. However, the study also found that firms face constraints such as resource limitations, economic instability, and uneven regulatory enforcement, which may hinder the full benefits of environmental sustainability initiatives. The paper concludes that the environmental dimension of corporate sustainability reporting can contribute positively to organisational performance when supported by effective implementation and strategic commitment. It recommends that listed firms strengthen environmental governance systems, integrate sustainability into core business strategy, invest in cleaner technologies, and improve disclosure quality. Policymakers are encouraged to enhance regulatory support and industry guidance for sustainability reporting. Future research may extend this inquiry to other sectors, compare listed and non-listed firms, and explore longitudinal changes in sustainability reporting practices across emerging markets.

This paper examines how a purpose-driven organisation emerging from a highly volatile developing economy can build a globally competitive business process outsourcing (BPO) platform while contributing to brain-drain reversal. Using ZimWorX, a Zimbabwean-headquartered BPO enterprise, as a longitudinal case study, the study aims to develop a theoretically grounded framework explaining strategic emergence under conditions of volatility, uncertainty, complexity, and ambiguity (VUCA) for an emerging organisation. Situated within the broader transformation of global outsourcing markets and the democratisation of digital talent, the paper positions Zimbabwe not as a peripheral participant but as a credible contender in high-value global services delivery. The research adopts a qualitative single-case study design grounded in conceptual theory-building. Drawing on secondary data, organisational records, industry reports, and contextual economic analysis, the study employs abductive reasoning to synthesise four theoretical lenses: Entrepreneurial Orientation Theory, Market Entry Strategy frameworks, Chaos Theory, and Strategic Decision-Making Theory. Through cross-theoretical integration, the analysis traces how ZimWorX navigated Zimbabwe’s macroeconomic instability, currency volatility, high unemployment, and institutional constraints to construct a resilient and differentiated service platform serving clients primarily in the United States and the United Kingdom. The findings reveal that ZimWorX’s success is not attributable to cost arbitrage alone, but to a distinctive combination of entrepreneurial vision, purpose-driven culture, agile niche-focused market entry, and a disruptive “insourcing” philosophy that reframes outsourcing as premium human capital partnership. The firm’s strategic posture reflects adaptive decision-making under disequilibrium conditions, where uncertainty becomes a catalyst for innovation rather than paralysis. Importantly, the organisation embeds social purpose, specifically the reversal of skilled migration and the creation of dignified employment, into its competitive strategy, thereby aligning commercial performance with developmental impact. The study culminates in the development of the ZimWorX Strategic Emergence Framework (ZSEF), a conceptual model that illustrates how emerging-economy firms can integrate entrepreneurial orientation, strategic agility, purposeful positioning, and adaptive market entry to achieve sustained global competitiveness in VUCA environments. The framework advances emerging organisation theory by demonstrating how firms operating in structurally disadvantaged contexts can convert institutional adversity into strategic differentiation. The paper concludes that purposeful strategic emergence offers a viable pathway for developing economies seeking participation in knowledge-intensive global value chains. Rather than replicating traditional offshore outsourcing models, African BPO platforms can leverage mission-driven identity, digital infrastructure, and agile governance structures to compete on quality and relational capital. The study recommends that policymakers support digital talent ecosystems, regulatory clarity, and export-oriented service platforms, while organisational leaders institutionalise adaptive strategic processes and purpose-centred cultures. Future research may test the ZSEF across multiple African BPO firms, examine performance implications quantitatively, or explore comparative applications in other emerging-market knowledge industries.

This paper examines the emergence and strategic evolution of InnBucks MicroBank Limited, a Zimbabwean Microfinance organisation that evolved from a restaurant-change management digital wallet into a licensed deposit-taking microfinance bank serving around 3 million users within 4 years. Operating in what is arguably one of the most extreme VUCA (volatile, uncertain, complex, ambiguous) environments globally, characterised by currency failures, chronic hyperinflation, regulatory unpredictability, and severe infrastructure deficits, InnBucks offers a compelling case for exploring how organisations emerge, adapt, and scale amid genuine chaos.  The analysis incorporates five theoretical frameworks: Chaos Theory, Entrepreneurial Orientation Theory, Disruptive Innovation and Frugal Innovation, the Viable System Model, and Strategic Decision-Making Theory. These are utilised to explain InnBucks' institutional pivots, its evolution to a registered deposit taking microfinance, its utilisation of Simbisa Brands' restaurant network as financial infrastructure, and its recent shift to cloud-native banking through the Mambu/AWS partnership. The paper proposes the ARISE (Agility, Resilience, Innovation, Systemic, Entrepreneurial) conceptual framework, which combines five theoretical perspectives into a practical model to steer strategic emergence in resource-limited, institutionally fragile environments. It concludes that InnBucks' trajectory challenges traditional assumptions about the prerequisites for financial innovation and provides transferable insights for emerging organisations operating within Sub-Saharan Africa's growing fintech ecosystem.

This conceptual theory-building study examines how African FinTech organisations navigate volatility, uncertainty, complexity and ambiguity (VUCA), using Mukuru as a paradigmatic single case. It develops the Mukuru Ambidextrous Strategic Emergence Model (MASEM) by integrating Entrepreneurial Orientation, Strategic Agility, Organisational Ambidexterity, Chaos Theory and Strategic Decision-Making Theory. Using secondary evidence, longitudinal organisational analysis and abductive cross-theoretical synthesis, the study explains how Mukuru combines exploitation of established remittance and agent-network capabilities with exploration of digital innovation. The analysis identifies multidexterity, the orchestration of multiple, potentially contradictory business models across heterogeneous regulatory settings, as a key capability linking strategic agility to sustained emergence. MASEM conceptualises VUCA pressures as external conditions, entrepreneurial and adaptive capabilities as the strategic core, responsible AI and green digital finance as enabling capabilities, and resilience, inclusion and antifragility as intended organisational outcomes. The model is conceptual rather than empirically validated; accordingly, future research should test its constructs and causal relationships across multiple African FinTech organisations. The study contributes an Africa-centred framework and practical guidance for managers seeking to align innovation, governance, sustainability and regulatory adaptability under persistent environmental turbulence.

This study examined behavioural risks associated with internal restructuring in the South African banking industry. The study was motivated by the increasing frequency of restructuring as banks respond to digital transformation, branch rationalisation, technological disruption and growing competition from fintech institutions. A qualitative exploratory research approach was adopted, using semi-structured interviews conducted with 13 employees from five major South African banks who had experienced internal restructuring. The interview data were analysed using thematic analysis. Five recurring behavioural risk themes were identified: workload pressures and performance strain; pressure to prove organisational value and internal competition; declining morale and workplace culture; job insecurity and talent loss; and organisational clarity and communication breakdowns. Participants described how increased workloads, uncertainty and anxiety could affect concentration and perceived work performance, indicating that behavioural risks associated with restructuring may also have operational consequences. A particularly important finding was the pressure employees experienced to continually demonstrate their organisational value during restructuring. This pressure sometimes encouraged increased effort and visibility, but could also contribute to stress, unhealthy internal competition and strained workplace relationships. The findings underscore the importance of transparent communication, clearly defined roles, visible leadership, employee involvement and psychological support during restructuring. The study contributes context-specific evidence on behavioural risks associated with internal restructuring in the South African banking industry and draws attention to the need to consider their implications for employee wellbeing, organisational culture and operational effectiveness.